fbpx

Saving For A Down Payment

kroach/iStock

Nothing worth having ever came easy, and the same goes for home ownership. Saving for a down payment is a sacrifice worth making. It might not be easy, but it’s worth every saved penny.

Does the idea of saving potentially five, ten, or even twenty thousand dollars seem daunting? Read on for a few tips on getting the ball rolling.

How to Save Money for a House

Start small. Saving for a down payment doesn’t mean cutting out EVERY luxury and subsisting off of rice and beans. No, it can mean small, incremental changes. For example, take a look at your cable bill. Instead of paying $250 a month for thousands of channels you’ll never get a chance to watch, switch to a streaming service. Options like Amazon or Netflix offer endless options for a fraction of the cost. You could save almost $3,000 a year.

Look at how often you dine out. Say you go out for dinner three nights a week at $50 a pop. Cutting that down to one night a week saves $100 a week. Funnel that money into a savings account and you’ll rack up $5,200 in one year.

Waterfall your payments. If you’re focusing on saving for a home, you may also be doing things like paying off credit cards or getting out of debt. Take, for example, a $70 retail store charge card payment. You’ve just paid off the card but are accustomed to the $70 payment. Since you’re already used to making it, go ahead and funnel that $70 into your down payment savings account. It’s quick and painless.

Do Your Research

Remember, there are lots of mortgage options out there. You may not be tethered to the tried-and-true thought of needing 20 percent. With certain kinds of loans, like FHA, you may only need 3.5%. Other options, like a USDA loan, don’t require a down payment of any kind. Another option exists in down payment assistance programs. Depending on your city, state, or income, you may qualify. All it takes is a little digging to see what’s out there.

Once you’ve got the ball rolling on a down payment, the fun part starts… home shopping! Once you’ve reached this point, give us a call! We’d be glad to help you find your forever home.

Davidson Homes

Listings 1 - 20 of 188   next



Price: $2,000,000
1150 Concord Road, Davidson, NC 28036
Subdivision: None
5 BR, 4.1 BA, 4651 sqft
Allen Tate Davidson | MLS # 3375015 | Active


Price: $1,998,000
19117 Davidson Concord Road, Davidson, NC 28036
Subdivision: None
5 BR, 6.2 BA, 7096 sqft
Allen Tate Lake Norman | MLS # 3474006 | Contract


Price: $1,975,000
19125 Davidson Concord Road, Davidson, NC 28036
Subdivision: None
6 BR, 6.2 BA, 6911 sqft
Ivester Jackson | MLS # 3481628 | Contract


Price: $1,750,000
3301 Grey Road, Davidson, NC 28036
Subdivision: None
4 BR, 3.1 BA, 3910 sqft
Allen Tate Davidson | MLS # 3430590 | Active


Price: $1,599,000
925 Hudson Place, Davidson, NC 28036
Subdivision: Davidson Wood
5 BR, 4.1 BA, 6577 sqft
TSG Residential | MLS # 3451574 | Active


Price: $1,550,000
18812 Parting Oaks Lane, Davidson, NC 28036
Subdivision: River Run
6 BR, 6.2 BA, 9233 sqft
Berkshire Hathaway | MLS # 3433629 | Active


Price: $1,450,000
3005 Maple Way Drive, Davidson, NC 28036
Subdivision: Maple Grove
5 BR, 6.1 BA, 4655 sqft
Allen Adams Realty | MLS # 3464574 | Contract


Price: $1,398,000
17536 Stuttgart Road, Davidson, NC 28036
Subdivision: River Run
4 BR, 4.1 BA, 5006 sqft
BSI Builder Services | MLS # 3277903 | Active


Price: $1,349,000
20504 Avoca Lane, Davidson, NC 28036
Subdivision: Green Level
5 BR, 5.1 BA, 4782 sqft
Lead 2 Real Estate | MLS # 3440038 | Contract


Price: $1,324,500
3131 Maple Way Drive, Davidson, NC 28036
Subdivision: Maple Grove
4 BR, 4.1 BA, 4649 sqft
Allen Adams Realty | MLS # 3465440 | Active


Price: $1,299,000
19213 Davidson Concord Road, Davidson, NC 28036
Subdivision: None
4 BR, 5.1 BA, 6251 sqft
Ivester Jackson | MLS # 3356888 | Active


Price: $1,287,000
3211 Maple Way Drive, Davidson, NC 28036
Subdivision: Maple Grove
5 BR, 4.1 BA, 4725 sqft
Allen Adams Realty | MLS # 3465242 | Active


Price: $1,199,000
15205 Holly Trail Lane, Davidson, NC 28036
Subdivision: Homestead
5 BR, 4.2 BA, 7294 sqft
Roost Real Estate | MLS # 3345740 | Contract


Price: $1,095,000
19940 River Falls Drive, Davidson, NC 28036
Subdivision: River Run
5 BR, 4.1 BA, 5276 sqft
Ivester Jackson | MLS # 3471076 | Active


Price: $1,050,000
18841 River Falls Drive, Davidson, NC 28036
Subdivision: River Run
6 BR, 4.1 BA, 5724 sqft
Reside Realty LLC | MLS # 3465597 | Contract


Price: $1,025,000
17518 Stuttgart Road, Davidson, NC 28036
Subdivision: River Run
6 BR, 4.1 BA, 5506 sqft
BSI Builder Services | MLS # 3407176 | Active


Price: $999,999
621 Spring Street, Davidson, NC 28036
Subdivision: Davidson
4 BR, 4.1 BA, 3350 sqft
Simonini Realty Inc | MLS # 3437755 | Contract


Price: $996,500
416 Woodland Street, Davidson, NC 28036
Subdivision: Old Davidson
5 BR, 3.1 BA, 3747 sqft
Davidson Real Estate | MLS # 3418688 | Contract


Price: $995,000
610 Concord Road, Davidson, NC 28036
Subdivision: Davidson
5 BR, 3.2 BA, 4126 sqft
Keller Williams Lake | MLS # 3383420 | Contract


Price: $995,000
13019 Westmoreland Farm Road, Davidson, NC 28036
Subdivision: Westmoreland Farm
4 BR, 4.2 BA, 4589 sqft
Crites Properties LLC | MLS # 3408854 | Contract

Listings 1 - 20 of 188   next

Share this:

Leave a Reply